Which of the following is incorrect when we talk about the PMEGP scheme?  

Prime Minister’s Employment Generation Programme (PMEGP ) was l aunched in 2008 by merging the two schemes namely Prime Minister’s Rojgar Yojana (PMRY) and Rural Employment Generation Programme (REGP). It is a credit linked subsidy programme with focus on g enerating self-employment opportunities through micro-enterprise establishments in the non-farm sector by helping unemployed youth and traditional artisans . Only new projects are considered for sanction under PMEGP.    Eligibility - Any individual, above 18 years of age ; a t least VIII standard pass for projects costing above Rs.10 lakh in the manufacturing sector and above Rs. 5 lakh in the business / service sector.      Under the scheme assistance is given in form of subsidy on project cost for setting up a new microenterprise. The maximum cost of the project/unit admissible in manufacturing sector is Rs. 25 lakhs and in the business/service sector, it is Rs. 10 lakhs. After the subsidy provides, the promoter has to contribute at least 5 to 10%, while t he balance amount of the total project cost will be provided by Banks as term loan and working capital .     The categories of beneficiary’s rate of subsidy under PMEGP (of project cost) and the contribution are as follows: